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Despite Coinbase’s move to delist USDT, the stablecoin has continued trading across the EU, with many exchanges still awaiting further clarity from European authorities on USDT’s compliance with MiCA.
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Comparing BTC to gold on Dec. 5, Wood weighed gold’s $15 trillion market against BTC’s $2 trillion market, suggesting significant potential for growth for the cryptocurrency.
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Venture capital firm a16z has said that it expects “greater flexibility to experiment” amid a crypto regulatory shakeup with the new administration.
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Since then, spot Ether ETFs have not only been approved, but they have flourished, recording their biggest single day of inflows with an aggregate of $431.5 million pouring in on Dec. 5.
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Quintenz said that “if the SEC had any doubt about the regulatory treatment of ETH [...] it wouldn’t have approved the ETF,” adding that if it were a security, the CFTC-listed future contracts “would be illegal.”
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“The proliferation of financial institutions such as BlackRock, Fidelity, Grayscale and others, coupled with Bitcoin ETFs being on the market in 2024, has set up the industry for this moment,” Chong said, adding:
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Bitcoin’s breakthrough to $100,000 and emergence as a $2 trillion asset is a significant financial milestone for the cryptocurrency market, but it’s not a surprise, according to Tranchess co-founder Danny Chong.
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At its current price, Bitcoin accounts for 52.6% of the entire crypto market, with the total market cap standing at $3.9 trillion, according to CoinGecko.
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Apple, the second-largest market after gold, took almost 42 years to reach a $2 trillion market capitalization for the first time in 2020.
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While Amazon took 29 years to reach a $2 trillion market value, Bitcoin made it in less than 16 years since the first BTC transaction occurred in January 2009.
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In the context of Powell’s reference to Bitcoin as “digital gold,” Wood hinted that the concept of Bitcoin is bigger than gold, given its digital and borderless nature. She said:
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Wood compared the Bitcoin market with spot gold, highlighting that gold is a $15 trillion market at the price of $2,700 per ounce. Bitcoin, priced at $102,750 at the time of writing, has a market value of about $2 trillion, which leaves it with significant potential to grow.
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She also mentioned that Federal Reserve Chair Jerome Powell had described Bitcoin as a digital version of gold.
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Wood took to X on Dec. 5 to congratulate the industry on United States President-elect Donald Trump nominating pro-crypto Paul Atkins to replace Gary Gensler as the new chief of the Securities and Exchange Commission.
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Bitcoin recorded a historic milestone by smashing the $100,000 price mark on Dec. 5, but the cryptocurrency is still in the “early innings,” according to the ARK Invest CEO.
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A Gaussian channel is an indicator that allows traders to identify the upper and lower channels of price action based on the principle of asset distribution.
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Trader Tardigrade, a market pattern analyst, mentioned in an X post that Dogecoin is currently en route to repeat its historical price trajectory based on the Gaussian channel.
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Some crypto traders predict a potential 1,000% DOGE rally based on emerging technical chart patterns.
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Porsche was valued at $117 billion in April 2023 but has since dropped more than 56% to $56.1 billion, according to CompaniesMarketCap data.
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Thanks to the growing interest, Dogecoin’s growth helped it surpass Porsche’s market capitalization over the past year — rising over 395%, while Porsche’s market capitalization fell over 34%.
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